ReNew Energy Global (ReNew) has announced a share buyback worth USD250 million.
The company’s board has authorised the repurchase of up to USD250 million of Class A ordinary sharesby way of open market purchases, which will be funded through cash received from the company’s recent sale of its 117 MW/138 MWp solar rooftop portfolio, which was at an enterprise value (EV)/run rate adjusted earnings before interest, taxes, depreciation, and amortisation (EBITDA) multiple of approximately 9.5x, as well as from its current cash balance. The company is currently evaluating further offers to sell minority interests of assets at similar indicated valuation multiples.